Home sales ex­pected to drop in 2018

Truro Daily News - - CANADA -

MON­TREAL — Home sales are ex­pected to drop to their low­est level in three years in 2018, driven largely by a de­cline in On­tario, the Cana­dian Real Es­tate As­so­ci­a­tion said Fri­day. The as­so­ci­a­tion ex­pects that 495,100 homes will be sold next year af­ter down­grad­ing its sales fore­cast for 2017 on a 9.9 per cent drop in Au­gust com­pared with a year ago.

It ex­pects sales will fall 2.3 per cent in 2018 fol­low­ing a 5.3 per cent de­cline this year to 506,000, or 20,000 fewer than pre­vi­ously fore­cast in June. Sea­son­ally ad­justed sales in Au­gust rose 1.3 per cent from the prior month, due to a 14.3 per cent boost in the Greater Toronto Area. Still, sales in this area were down 35 per cent from a year ago. Ben­jamin Reitzes of BMO Cap­i­tal Mar­kets said the Au­gust data sug­gests the worst may have passed for the GTA fol­low­ing On­tario pol­icy changes to re­strict for­eign buy­ers, but the fu­ture is un­clear.

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